The Latest Breaking News from Lukoil

China has voiced its opposition to the U.S. sanctions on Russia’s oil companies, emphasizing the need for sanctions to be in line with international law. Meanwhile, the European Union (EU) imposed fresh Russian sanctions on Thursday.

The Trump administration imposed sanctions after plans to hold a second summit on ending the war in Ukraine were abandoned

Assets in US belonging to Rosneft and Lukoil frozen as shares in Shell and BP rise by 3%

Shares in oil companies jump after US sanctions Russian energy firms, while manufacturers see weak prospects ahead

Measures against Rosneft and Lukoil mark first time US has imposed sanctions on Russia since Trump’s return to office

In a sweeping escalation of economic pressure on Russia, the U.S. Department of the Treasury said that it will be imposing full blocking sanctions on its two largest oil companies, Rosneft and Lukoil, citing Moscow’s “lack of serious commitment to a peace process to end the war in Ukraine.”

Trump, who has to date not put sanctions on Russia over the war and instead relied on trade measures, says Rosneft and Lukoil will be targeted. Key US politics stories from Wednesday 22 October

Trump administration hardens stance against the Kremlin day after cancelling a planned summit with Russian leader

Scott Bessent claimed the measures against Rosneft and Lukoil will ‘degrade’ the Kremlin’s military efforts